George Barcelon, president of the Philippine Chamber of Commerce and Industry , emphasized his point in reaction to
That’s why, he said that any move to lift the confidentiality of bank accounts must be complemented with guidelines to protect depositors. Barcelon said the banking industry must have been consulted already on the proposed bill, but not yet the private sector from the trade and industry side. The bank secrecy law as also implemented at a time when there was lack of foreign currency and the law can be credited for building up the country’s foreign currency haul and the foreign currency deposit units in local banks.
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